Foreign exchange reserves rose by $2.91 billion to $564.07 billion

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- Increase in foreign exchange reserves in India

- Largest foreign exchange reserves in the world in India: Sitharaman

New Delhi, 17 December 2022, Saturday

Foreign exchange reserves increased for the fifth consecutive week. Foreign exchange reserves increased by $2.91 billion to $564.07 billion for the week ended December 9. RBI has released this data. Foreign currency assets also rose by $3.14 billion to $500.13 billion in the week ended December 9, according to the RBI. The exposure to fluctuations in foreign currencies such as Euros Pounds Yen in foreign currency reserves denominated in dollars is called foreign currency assets. Meanwhile, gold reserves have decreased by 0.29 billion dollars. And it has come down to 40.73 billion dollars. At the same time, special drawing rights jumped by $61 million to $18.10 billion.

Referring to a World Bank report, Finance Minister Nirmala Sitharaman recently said that India has the largest foreign exchange reserves in the world and is sufficient to weather any global crisis. If we look at the reasons for the large increase in India's foreign exchange reserves, it is believed that the RBI has been buying dollars heavily in recent times. At the same time, in October 2021, foreign exchange reserves stood at $645 billion. But, to protect the rupee from falling, the RBI is selling dollars.

Referring to a World Bank report, Finance Minister Nirmala Sitharaman recently said that India has the largest foreign exchange reserves in the world and is sufficient to weather any global crisis. If we look at the reasons for the large increase in India's foreign exchange reserves, it is believed that the RBI has been buying dollars heavily in recent times. At the same time, in October 2021, foreign exchange reserves stood at $645 billion. But, to protect the rupee from falling, the RBI is selling dollars. During the monetary policy announcement on December 8, 2022, RBI Governor Shaktikanta Das also said that despite the strengthening of the dollar, the rupee has depreciated less against other currencies and foreign exchange reserves are satisfactory. On the other hand, the rupee weakened by 10 paise to close at Rs 82.86 as the currency market closed on Friday.


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